Nomura Asset Management Co. Ltd. Reduces Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Nomura Asset Management Co. Ltd. trimmed its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 58.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 982,928 shares of the company’s stock after selling 1,411,407 shares during the period. Nomura Asset Management Co. Ltd. owned 0.06% of Tencent Music Entertainment Group worth $11,156,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the business. JPMorgan Chase & Co. increased its stake in Tencent Music Entertainment Group by 558.2% in the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock valued at $133,629,000 after purchasing an additional 9,984,690 shares during the last quarter. Artisan Partners Limited Partnership purchased a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at $113,031,000. Norges Bank acquired a new stake in Tencent Music Entertainment Group during the 4th quarter worth $99,539,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Tencent Music Entertainment Group by 287.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company’s stock valued at $58,382,000 after acquiring an additional 3,594,383 shares during the last quarter. Finally, Cantillon Capital Management LLC boosted its stake in Tencent Music Entertainment Group by 18.3% in the fourth quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company’s stock valued at $247,893,000 after acquiring an additional 3,384,230 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on TME shares. Morgan Stanley reissued an “overweight” rating on shares of Tencent Music Entertainment Group in a report on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 26th. Finally, Mizuho lifted their target price on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, March 19th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Tencent Music Entertainment Group Stock Performance

NYSE:TME opened at $14.36 on Monday. The firm has a market cap of $24.63 billion, a price-to-earnings ratio of 26.58, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77. The firm’s fifty day moving average price is $12.82 and its 200 day moving average price is $11.98.

Tencent Music Entertainment Group Increases Dividend

The company also recently declared an annual dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be issued a dividend of $0.18 per share. This is a boost from Tencent Music Entertainment Group’s previous annual dividend of $0.12. This represents a yield of 0.9%. The ex-dividend date of this dividend is Thursday, April 3rd. Tencent Music Entertainment Group’s dividend payout ratio is currently 28.81%.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.